andresr/ Getty Images Key Takeaways Fact checked by Vikki Velasquez A money audit helps you understand your income, spending, debt, and savings. andresr/ Getty Images A money audit helps you understand your income, spending, debt, and savings. Note A money audit is not the same as creating a full financial plan. It is a simple checkup that helps you understand your starting point before making any updates to your budget or long-term goals. Step 1: Review Your Income and Expenses A money audit helps you unde ...